The Conduit Discount: Entity-Level FX Debt Geography and the Narrowing Alibi Window in Korea's Capital-Return Reform
Alpha & Acre — Special Report: The Conduit Discount Alpha & Acre Research THE CONDUIT DISCOUNT Special Report · Korea Sector — Holding-Company Capital Allocation · Governance Anatomist Perspective · BP-11 · Final — Stage 7.5 Master-Adjudicated Revision For informational and analytical purposes only. Not investment, legal, or tax advice. Full disclaimer at the end of this report. Alpha & Acre Research · Governance Anatomist Desk · July 27, 2026 Korea Governance / Capital Allocation Entity-Level Debt Geography and the Narrowing Alibi Window in Korea's Capital-Return Reform The market is pricing a mechanical buyback wave. The house view is that the wave is real but rationed — gated not by reform intent, which is now fully statutory on two of its three tracks, but by which entity in the group actually holds t...
